Gentex (GNTX) 10-Q4 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	0-10235
Entity Registrant Name	GENTEX CORPORATION
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2030505
Entity Address, Address Line One	600 N. Centennial
Entity Address, City or Town	Zeeland
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49464
City Area Code	616
Local Phone Number	772-1800
Title of 12(b) Security	Common Stock, par value $0.06 per share
Trading Symbol	GNTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		233,702,848
Entity Central Index Key	0000355811
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 215,452,160	$ 214,754,638	[1]
Restricted Cash	4,000,000	4,000,000
Short-term investments	25,635,492	23,007,385	[1]
Accounts receivable, net	332,867,128	276,493,752	[1]
Inventories	401,769,976	404,360,270	[1]
Prepaid expenses and other	25,316,437	26,036,331	[1]
Total current assets	1,005,041,193	948,652,376	[1]
PLANT AND EQUIPMENT—NET	575,276,023	550,033,036	[1]
OTHER ASSETS
Goodwill	313,686,026	313,807,494	[1]
Long-term investments	229,398,824	202,331,983	[1]
Intangible assets, net	214,535,910	219,360,910	[1]
Deferred tax asset	23,795,400	25,528,700	[1]
Patents and other assets, net	71,614,459	67,515,425	[1]
Total other assets	853,030,619	828,544,512	[1]
Total assets	2,433,347,835	2,327,229,924	[1]
CURRENT LIABILITIES
Accounts payable	166,922,435	151,740,046	[1]
Accrued liabilities	130,108,297	98,812,706	[1]
Total current liabilities	297,030,732	250,552,752	[1]
OTHER NON-CURRENT LIABILITIES	13,061,457	10,884,351	[1]
Total liabilities	310,092,189	261,437,103	[1]
SHAREHOLDERS’ INVESTMENT
Common stock	14,023,563	14,050,160	[1]
Additional paid-in capital	928,284,890	917,499,323	[1]
Retained earnings	1,193,171,690	1,148,386,272	[1]
Accumulated other comprehensive loss	(12,224,497)	(14,142,934)	[1]
Total shareholders’ investment	2,123,255,646	2,065,792,821	[1]
Total liabilities and shareholders’ investment	$ 2,433,347,835	$ 2,327,229,924	[1]

[1]The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Income - USD ($)		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
NET SALES		$ 550,761,311	$ 468,250,776
COST OF GOODS SOLD		376,024,080	307,838,816
Gross profit		174,737,231	160,411,960
OPERATING EXPENSES:
Engineering, research and development		34,653,747	31,974,987
Selling, general & administrative		26,832,837	25,131,068
Total operating expenses		61,486,584	57,106,055
Income from operations		113,250,647	103,305,905
OTHER INCOME (LOSS)
Investment income		2,939,195	788,316
Other loss, net		(194,740)	(798,810)
Total other income (loss)		2,744,455	(10,494)
INCOME BEFORE PROVISION FOR INCOME TAXES		115,995,102	103,295,411
PROVISION FOR INCOME TAXES		18,416,841	15,766,785
NET INCOME		$ 97,578,261	$ 87,528,626
EARNINGS PER SHARE:
Basic (in dollars per share)	[1]	$ 0.42	$ 0.37
Diluted (in dollars per share)	[1]	0.42	0.37
Cash Dividends Declared per Share (in dollars per share)		$ 0.12	$ 0.12

[1] (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 97,578,261	$ 87,528,626
Other comprehensive income (loss) before tax:
Foreign currency translation adjustments	(121,167)	(896,420)
Unrealized gains (losses) on debt securities, net	2,581,777	(7,795,230)
Other comprehensive income (loss), before tax	2,460,610	(8,691,650)
Income tax impact related to components of other comprehensive income (loss)	542,173	(1,636,998)
Other comprehensive income (loss), net of tax	1,918,437	(7,054,652)
Comprehensive income	$ 99,496,698	$ 80,473,974

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Shareholders' Investment - USD ($)	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 2,065,792,821	[1]	$ 1,937,988,467
Issuance of common stock from stock plan transactions	$ 5,956,022		3,324,147
Repurchases of common stock (in shares)	(1,000,000)
Repurchases of common stock	$ (28,462,632)		(71,252,022)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	8,519,535		6,788,337
Dividends declared	(28,046,798)		(28,354,003)
Net income	97,578,261		87,528,626
Other comprehensive (loss) income	1,918,437		(7,054,652)
Balance at end of period	$ 2,123,255,646		$ 1,928,968,900
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	234,169,335		236,440,840
Balance at beginning of period	$ 14,050,160		$ 14,186,450
Issuance of common stock from stock plan transactions (in shares)	603,636		476,688
Issuance of common stock from stock plan transactions	$ 36,218		$ 28,601
Repurchases of common stock (in shares)	(1,046,926)		(2,440,190)
Repurchases of common stock	$ (62,815)		$ (146,411)
Ending balance (in shares)	233,726,045		234,477,338
Balance at end of period	$ 14,023,563		$ 14,068,640
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	917,499,323		879,413,385
Issuance of common stock from stock plan transactions	5,919,804		3,295,546
Repurchases of common stock	(3,653,772)		(8,125,830)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	8,519,535		6,788,337
Balance at end of period	928,284,890		881,371,438
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	1,148,386,272		1,042,461,388
Repurchases of common stock	(24,746,045)		(62,979,781)
Dividends declared	(28,046,798)		(28,354,003)
Net income	97,578,261		87,528,626
Balance at end of period	1,193,171,690		1,038,656,230
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(14,142,934)		1,927,244
Other comprehensive (loss) income	1,918,437		(7,054,652)
Balance at end of period	$ (12,224,497)		$ (5,127,408)

[1]The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.12	$ 0.12

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 97,578,261	$ 87,528,626
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,041,648	24,711,500
(Gain) on disposal of assets	(106,743)	(33,982)
Loss on disposal of assets	41,843	11,067
(Gain) on sale of investments and equity method investment income	(1,199,707)	(367,879)
Loss on sale of investments and equity method investment losses	1,671,583	704,214
Change in deferred income taxes	141,959	0
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	8,519,535	6,788,337
Change in operating assets and liabilities:
Accounts receivable, net	(56,373,376)	(31,666,772)
Inventories	2,590,294	(46,469,079)
Prepaid expenses and other	(629,502)	16,082,077
Accounts payable	11,112,425	42,968,193
Accrued liabilities, excluding dividends declared	33,525,890	15,702,241
Net cash provided by operating activities	120,914,110	115,958,543
Activity in available-for-sale securities:
Sales proceeds	3,128,110	37,158,611
Maturities and calls	1,465,000	1,000,000
Purchases	(32,178,155)	(15,889,063)
Plant and equipment additions	(42,819,075)	(23,892,169)
Proceeds from sale of plant and equipment	118,410	33,740
Increase in other assets	(2,110,935)	(455,419)
Net cash used for investing activities	(72,396,645)	(2,044,300)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Issuance of common stock from stock plan transactions	5,956,022	3,324,147
Cash dividends paid	(28,099,993)	(28,589,625)
Repurchases of common stock	(25,675,972)	(71,252,022)
Net cash used for financing activities	(47,819,943)	(96,517,500)
NET INCREASE IN CASH AND CASH EQUIVALENTS	697,522	17,396,743
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period	218,754,638	262,311,670
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period	$ 219,452,160	$ 279,708,413

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2022 annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only a normal and recurring nature, necessary to present fairly the financial position of the Company as of March 31, 2023, and the results of operations and cash flows for the interim periods presented.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
Goodwill and Other Intangible Assets	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company recorded Goodwill of: $307.4 million as part of the HomeLink ® acquisition in 2013; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in the second quarter of 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in the third quarter of 2020; $1.0 million as a part of the acquisition of Argil, Inc. ("Argil") in the fourth quarter of 2020; and $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in the first quarter of 2021. The carrying value of Goodwill as of both March 31, 2023 and December 31, 2022 was $313.7 million and $313.8 million, respectively, as set forth in the table below: Carrying Amount Balance as of December 31, 2022 $ 313,807,494 Acquisitions — Divestitures — Impairments — Other (121,468) Balance as of March 31, 2023 $ 313,686,026 In addition to annual impairment testing, which is performed as of the first day of the fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value of goodwill or other intangible assets thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. The impact of component shortages, supply chain constraints, inflation, and labor shortages were again considered in the most recently completed quarter, but did not indicate the need for interim impairment testing. The Company also acquired In-Process Research & Development ("In-Process R & D") as part of the acquisitions of: Vaporsens; Air-Craftglass; Argil; and Guardian, each of which has been previously disclosed. The patents and intangible assets and related change in carrying values are set forth in the tables below: As of March 31, 2023: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 40,619,268 $ (28,072,946) $ 12,546,322 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (142,500,000) 37,500,000 12 years Existing Customer Platforms 43,000,000 (40,850,000) 2,150,000 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,300,000 — 1,300,000 Indefinite Guardian In-Process R&D 6,800,000 — 6,800,000 Indefinite Total Other Intangible Assets $ 397,885,910 $ (183,350,000) $ 214,535,910 Total Patents & Other Intangible Assets $ 438,505,178 $ (211,422,946) $ 227,082,232 As of December 31, 2022: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 40,653,851 $ (27,820,383) $ 12,833,468 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (138,750,000) 41,250,000 12 years Existing Customer Platforms 43,000,000 (39,775,000) 3,225,000 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,300,000 — 1,300,000 Indefinite Guardian In-Process R&D 6,800,000 — 6,800,000 Indefinite Total Other Intangible Assets $ 397,885,910 $ (178,525,000) $ 219,360,910 Total Patents & Other Intangible Assets $ 438,539,761 $ (206,345,383) $ 232,194,378 Amortization expense on patents and intangible assets was approximately $5.3 million during the three months ended March 31, 2023, and approximately $5.5 million for the same period ended March 31, 2022. Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2023 to be approximately $20 million, for the year ending December 31, 2024 to be approximately $16 million, for the year ending December 31, 2025 to be approximately $12 million, and for each of the years ending December 31, 2026 and December 31, 2027 to be approximately $5 million.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2023
Investments [Abstract]
Investments	Investments The Company follows the provisions of Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures , for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements with respect to a company’s use of fair-value measurements, including the effect of such measurements on earnings. The cost of securities sold is based on the specific identification method. The Company determines the fair value of its government securities, asset-backed securities, municipal bonds, and corporate bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value. The Company also periodically makes technology investments in certain non-consolidated third parties. These equity investments are accounted for in accordance with ASC 323, Investments - Equity Method and Joint Ventures . The Company's share of the earnings or losses of non-controlled affiliates, over which the Company exercises significant influence (generally a 20% to 50% ownership interest), is included in the consolidated operating results using the equity method of accounting. These investments are classified within Equity Method Investments in the condensed consolidated balance sheets. The Company has also made technology investments in certain non-consolidated affiliates for ownership interests of less than 20% (where the Company does not have the ability to exercise significant influence). These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities . For these equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, the equity investments are held at cost. Such technology investments totaled approximately $86.9 million and $69.5 million as of March 31, 2023 and December 31, 2022, respectively. On March 9, 2023, the Company purchased a 15% equity investment in Adasky, LTD. for $21.5 million. Adasky is an Israeli-based leading developer and manufacturer of intelligent thermal sensing technologies. $2.2 million and $3.8 million of these technology investments are classified within Short-Term Investments in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. $84.7 million and $65.7 million of these investments are classified within Long-Term Investments in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. Assets or liabilities that have recurring fair value measurements are shown below as of March 31, 2023 and December 31, 2022: As of March 31, 2023: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description March 31, 2023 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 215,452,160 $ 215,452,160 $ — $ — Restricted Cash 4,000,000 4,000,000 — — Short-Term Investments: Certificate of Deposit 1,741,295 1,741,295 — — Corporate Bonds 5,495,110 — 5,495,110 — Government Securities 6,155,223 — 6,155,223 — Municipal Bonds 3,963,985 — 3,963,985 — Other 4,474,175 1,007,150 3,467,025 — Long-Term Investments: Asset Backed Securities 18,718,258 — 18,718,258 — Certificate of Deposit 239,107 239,107 — — Corporate Bonds 37,242,499 — 37,242,499 — Government Securities 36,922,649 — 36,922,649 — Municipal Bonds 50,870,849 — 50,870,849 — Common Stock 720,910 720,910 — — Total $ 385,996,220 $ 223,160,622 $ 162,835,598 $ — As of December 31, 2022: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2022 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 214,754,638 $ 214,754,638 $ — $ — Restricted Cash 4,000,000 4,000,000 — — Short-Term Investments: Certificate of Deposit 1,736,163 1,736,163 — — Corporate Bonds 5,473,341 — 5,473,341 — Government Securities 4,423,041 — 4,423,041 — Municipal Bonds 5,174,773 — 5,174,773 — Other 2,347,602 1,093,602 1,254,000 — Long-Term Investments: Asset-backed Securities 18,829,696 — 18,829,696 — Certificate of Deposit 238,925 238,925 — — Corporate Bonds 36,310,477 — 36,310,477 — Governmental Securities 36,532,634 — 36,532,634 — Municipal Bonds 48,430,166 — 48,430,166 Common Stock 293,300 293,300 — — Total $ 378,544,756 $ 222,116,628 $ 156,428,128 $ — The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of March 31, 2023 and December 31, 2022: As of March 31, 2023: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,750,000 $ 93 $ (8,798) $ 1,741,295 Corporate Bonds 5,542,607 — (47,497) 5,495,110 Government Securities 6,190,793 2,058 (37,628) 6,155,223 Municipal Bonds 3,998,537 — (34,552) 3,963,985 Other 4,474,175 — — 4,474,175 Long-Term Investments: Asset Backed Securities 18,852,424 — (134,166) 18,718,258 Certificate of Deposit 250,000 — (10,893) 239,107 Corporate Bonds 40,819,361 20,678 (3,597,540) 37,242,499 Government Securities 39,525,976 — (2,603,327) 36,922,649 Municipal Bonds 54,635,848 314,881 (4,079,880) 50,870,849 Common Stock 720,911 — — 720,911 Total $ 176,760,632 $ 337,710 $ (10,554,281) $ 166,544,061 As of December 31, 2022: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,750,256 $ — $ (14,093) $ 1,736,163 Corporate Bonds 5,571,417 — (98,076) 5,473,341 Government Securities 4,476,613 — (53,572) 4,423,041 Municipal Bonds 5,223,500 — (48,727) 5,174,773 Other 2,347,602 — — 2,347,602 Long-Term Investments: Asset-backed Securities 19,151,229 — (321,533) 18,829,696 Certificate of Deposit 250,000 — (11,075) 238,925 Corporate Bonds 40,410,206 — (4,099,729) 36,310,477 Government Securities 39,637,461 — (3,104,827) 36,532,634 Municipal Bonds 53,476,883 235,713 (5,282,430) 48,430,166 Common Stock 292,638 662 — 293,300 Total $ 172,587,805 $ 236,375 $ (13,034,062) $ 159,790,118 Unrealized losses on investments as of March 31, 2023, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 321,165 $ 23,213,314 Loss duration of greater than one year 10,233,116 130,046,373 Total $ 10,554,281 $ 153,259,687 Unrealized losses on investments as of December 31, 2022, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 4,816,103 $ 77,701,146 Loss duration of greater than one year 8,217,959 76,643,586 Total $ 13,034,062 $ 154,344,732 Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instrument s. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the periods presented. The Company has the intention and current ability to hold its debt investments until any amortized cost basis has been recovered. Due within one year $ 17,355,612 Due between one and five years 93,840,749 Due over five years 50,152,613 $ 161,348,974

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following at the respective balance sheet dates: March 31, 2023 December 31, 2022 Raw materials $ 301,876,129 $ 304,184,004 Work-in-process 44,534,016 45,512,275 Finished goods 55,359,831 54,663,991 Total Inventory $ 401,769,976 $ 404,360,270

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share . The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. For a period of net loss, net loss is not allocated to participating securities. The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three months ended March 31, 2023 and March 31, 2022: Three Months Ended March 31, 2023 2022 Basic Earnings Per Share Net Income $ 97,578,261 $ 87,528,626 Less: Dividends and undistributed earnings allocated to participating securities 1,456,913 1,360,047 Net Income available to common shareholders $ 96,121,348 $ 86,168,579 Basic weighted average shares outstanding 230,605,626 232,151,296 Net Income per share - Basic $ 0.42 $ 0.37 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 96,121,348 $ 86,168,579 Reallocation of undistributed earnings 1,276 2,500 Net Income available to common shareholders - Diluted $ 96,122,624 $ 86,171,079 Number of shares used in basic computation 230,605,626 232,151,296 Additional weighted average dilutive common stock equivalents 290,220 638,515 Diluted weighted average shares outstanding 230,895,846 232,789,811 Net Income per share - Diluted $ 0.42 $ 0.37 Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive 1,810,685 1,572,223

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
Stock-Based Compensation Plans	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans As of March 31, 2023, the Company had two equity incentive plans, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any prior material amendments thereto have previously been approved by shareholders. The 2019 Omnibus Plan provides for the potential awards to: i) employees; and ii) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options (both incentive stock options and non-qualified stock options), appreciation rights, restricted stock awards and restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the "Prior Plans"), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable. Readers should refer to Note 5 of the consolidated financial statements in the Company's Annual Report on Form 10-K for the calendar year ended December 31, 2022, for additional information related to the Prior Plans. The Company recognized total compensation expense for share-based payments of $8,519,535 for the three months ended March 31, 2023. The Company recognized compensation expense for share-based payments of $6,788,337 for the three months ended March 31, 2022. A portion of the compensation cost for share based payment awards is capitalized as part of inventory. 2019 Omnibus Incentive Plan The purpose of the 2019 Omnibus Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. Pursuant to the terms of the 2019 Omnibus Plan, each type of award counts against the available shares based on a predetermined conversion rate (shown in the table below). As of March 31, 2023, 8,991,744 share awards have been made under the Plan, resulting in 22,671,217 shares granted of the 45,000,000 total shares available to be issued under the Plan. The shares issued are presented net of shares from canceled/expired options and shares. Shares Granted Conversion Rate Total Shares Under 2019 Omnibus Plan Non-Qualified Stock Options 4,521,328 1.00 4,521,328 Restricted Stock 3,609,000 4.06 14,652,540 Performance Shares 861,416 4.06 3,497,349 Total 8,991,744 22,671,217 Employee Stock Options Under the 2019 Omnibus Plan and the Employee Stock Option Plan, the option exercise price equals the stock’s market price on the date of grant. The options vest after one five The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods: Three Months Ended March 31, 2023 2022 Dividend Yield (1) 1.76 % 1.80 % Expected volatility (2) 29.04 % 28.16 % Risk-free interest rate (3) 3.60 % 2.42 % Expected term of options (years) (4) 4.15 4.15 Weighted-avg. grant date fair value $6.84 $6.38 1. Represents the Company’s estimated cash dividend yield over the expected term of option grant. 2. Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. 3. Represents the U.S. Treasury yield over the expected term of the option grant. 4. Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior. Restricted Shares Restricted shares awarded under the 2019 Omnibus Plan and the Second Restricted Stock Plan entitle the shareholder to all rights of common stock ownership, except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by the Compensation Committee, appointed by the Board of Directors, but may not exceed ten years under the terms of such plans. As of March 31, 2023, the Company had unearned stock-based compensation of $45,419,558 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the Prior Plan. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Compensation expense from restricted stock grants in the three months ended March 31, 2023 was $5,946,054. Compensation expense from restricted stock grants in the three months ended March 31, 2022 was $5,290,805. Performance Shares Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's average closing stock price on the twenty days preceding the date of grant. The expected attainment of the metrics for these awards is then analyzed each reporting period, and the related expense is adjusted based on expected attainment, if the then expected attainment differs from previous expectations. The cumulative effect on current and prior periods of a change in expected attainment is recognized in the period of change. As of March 31, 2023, the Company had unearned stock-based compensation of $19,418,307 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Employee Stock Purchase Plan Prior to July 1, 2022, the Company had in place an employee stock purchase plan covering 2,000,000 shares of common stock. Under that plan, the Company sold shares at 85% of the stock’s market price at date of purchase. Under ASC 718, Compensation - Stock Compensation , the 15% discounted value was recognized as compensation expense. As of March 31, 2023, the Company has issued 1,624,122 shares under this prior plan. In May 2022, the 2022 Gentex Corporation Employee Stock Purchase Plan covering 2,000,000 shares of common stock was approved by shareholders replacing the above referenced prior plan effective July 1, 2022. Under the plan, the Company sells shares at 85% of the stock's market price at date of purchase. Under ASC 718, the 15% discounted value is recognized as compensation expense. As of March 31, 2023, the Company has issued 156,103 shares under this plan.

Comprehensive Income (Loss)

Comprehensive Income (Loss)	3 Months Ended
Comprehensive Income (Loss)	Mar. 31, 2023
Equity [Abstract]
Comprehensive Income (Loss)	Comprehensive Income (Loss)Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain debt investments and foreign currency translation adjustments. The following table presents the net changes in the Company's accumulated other comprehensive loss by component (all amounts shown are net of tax): Three Months Ended March 31, 2023 2022 Foreign currency translation adjustments: Balance at beginning of period $ (4,032,239) $ 920,589 Other Comprehensive loss before reclassifications (121,167) (896,420) Net current-period change (121,167) (896,420) Balance at end of period (4,153,406) 24,169 Unrealized (losses) gains on available-for-sale debt securities: Balance at beginning of period (10,110,695) 1,006,655 Other Comprehensive income (loss) before reclassifications 277,718 (6,423,937) Amounts reclassified from accumulated other comprehensive income 1,761,886 265,705 Net current-period change 2,039,604 (6,158,232) Balance at end of period (8,071,091) (5,151,577) Accumulated other comprehensive loss, end of period $ (12,224,497) $ (5,127,408) The following table presents details of reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2023 and 2022: Details about Accumulated Other Comprehensive Loss Components Amounts Reclassified from Other Comprehensive Loss Affected Line item in the Consolidated Statements of Income Three Months Ended March 31, 2023 2022 Unrealized (losses) gains on available-for-sale debt securities Realized loss on sale $ (2,230,236) $ (336,335) Investment income Provision for income taxes 468,350 70,630 Provision for income taxes Total net reclassifications for the period $ (1,761,886) $ (265,705)

Debt and Financing Arrangements

Debt and Financing Arrangements	3 Months Ended
Debt and Financing Arrangements	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt and Financing Arrangements	Debt and Financing Arrangements On October 15, 2018, the Company entered into a credit agreement with PNC as the administrative agent and sole lender, which has now been amended and restated as discussed below. On February 21, 2023, as previously disclosed, the Company entered into an amended and restated credit agreement ("Credit Agreement") that provided for, among other things, a three-year unsecured revolving credit facility with a borrowing capacity of up to $250.0 million ("Revolver") that matures on February 21, 2026, replacing in its entirety the Company's above referenced prior $150.0 million revolving credit facility scheduled to mature on October 15, 2023. Included in the Revolver is a $20.0 million sublimit for standby letters of credit and a $35.0 million sublimit for swingline loans, each subject to certain conditions. Funds are available under the Revolver for working capital, capital expenditures, and other lawful corporate purposes, including, but not limited to, acquisitions and common stock repurchases, subject in each case to compliance with certain financial covenants, as defined in the Credit Agreement. As of March 31, 2023, there was no outstanding balance on the Revolver. The Credit Agreement contains customary representations and warranties and certain covenants that place certain limitations on the Company. As of March 31, 2023, the Company is in compliance with its covenants under the Credit Agreement.

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2023
Equity [Abstract]
Equity	Equity The decrease in common stock during the three months ended March 31, 2023, was primarily due to the repurchases of 1.0 million shares, partially offset by the issuance of 0.6 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans. The total net decrease was 0.4 million shares. The Company recorded a cash dividend of $0.120 per share during the first quarter of 2023 as compared to a cash dividend of $0.120 per share during the first quarter of 2022. The first quarter 2023 dividend of $28.0 million was declared on February 28, 2023 and was paid on April 19, 2023.

Contingencies

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesThe Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment, regulatory, and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company.

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company's automotive segment develops and manufactures digital vision and connected car products and electronics, including: automatic-dimming rearview mirrors with and without electronic features; non-auto dimming rearview mirrors with and without electronic features; and other electronics. The Company also develops and manufactures variably dimming windows and laminate products for the aerospace industry and fire protection products for the commercial construction industry. In 2020, the Company acquired Vaporsens, which specializes in nanofiber chemical sensing. These three non-automotive segments are combined into the "Other" segment as shown below. Three Months Ended March 31, 2023 2022 Revenue: Automotive Products $ 537,422,988 $ 457,952,554 Other 13,338,323 10,298,222 Total $ 550,761,311 $ 468,250,776 Income (Loss) from operations: Automotive Products $ 111,439,798 $ 103,475,509 Other 1,810,849 (169,604) Total $ 113,250,647 $ 103,305,905

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate was 15.9% in the three months ended March 31, 2023, compared to an effective tax rate of 15.3% for the same period in 2022. Generally, effective tax rates for these periods differ from statutory federal income tax rates, due to provisions for state and local income taxes, permanent tax differences, the foreign-derived intangible income tax deduction, and research and development tax credits.

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three month periods ended March 31, 2023 and March 31, 2022: Three Months Ended March 31, Revenue 2023 2022 Automotive Products U.S. $ 170,781,604 $ 142,193,971 Germany 80,579,465 67,565,320 Japan 72,155,984 54,762,488 Mexico 34,287,544 32,135,079 Other 179,618,391 161,295,696 Total Automotive Products $ 537,422,988 $ 457,952,554 Other Products (U.S.) 13,338,323 10,298,222 Total Revenue $ 550,761,311 $ 468,250,776 Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political, and labor conditions; a pandemic; global supply chain constraints; unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; and tariffs, quotas, customs and other import or export restrictions and other trade barriers. The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three month periods ended March 31, 2023 and March 31, 2022: Three Months Ended March 31, Revenue 2023 2022 Automotive Segment Automotive Mirrors & Electronics $ 505,731,576 $ 423,626,489 HomeLink Modules* 31,691,412 34,326,065 Total Automotive Products $ 537,422,988 $ 457,952,554 Other Segment Fire Protection Products 9,301,153 8,447,686 Aerospace Products 4,037,170 1,850,536 Total Other $ 13,338,323 $ 10,298,222 *Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2023
Leases [Abstract]
Leases	Leases The Company has operating leases for certain sales and engineering offices, as well as other vehicles and equipment, which are included within "Plant and Equipment - Net" section of the condensed consolidated balance sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of March 31, 2023 was 2 years, with a weighted average discount rate of 5.8%. Future minimum lease payments for operating leases as of March 31, 2023 were as follows: Year ending December 31, 2023 (excluding the three months ended March 31, 2023) $ 1,291,999 2024 863,358 2025 492,746 2026 84,795 2027 978 Thereafter — Total future minimum lease payments 2,733,876 Less imputed interest (87,129) Total $ 2,646,747 Reported as of March 31, 2023 Accrued Liabilities $ 1,572,606 Other Non-Current Liabilities 1,074,141 Total $ 2,646,747

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
Goodwill and Other Intangible Assets (Tables)	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying value of Goodwill as of both March 31, 2023 and December 31, 2022 was $313.7 million and $313.8 million, respectively, as set forth in the table below: Carrying Amount Balance as of December 31, 2022 $ 313,807,494 Acquisitions — Divestitures — Impairments — Other (121,468) Balance as of March 31, 2023 $ 313,686,026
Schedule of Intangible Assets	The patents and intangible assets and related change in carrying values are set forth in the tables below: As of March 31, 2023: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 40,619,268 $ (28,072,946) $ 12,546,322 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (142,500,000) 37,500,000 12 years Existing Customer Platforms 43,000,000 (40,850,000) 2,150,000 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,300,000 — 1,300,000 Indefinite Guardian In-Process R&D 6,800,000 — 6,800,000 Indefinite Total Other Intangible Assets $ 397,885,910 $ (183,350,000) $ 214,535,910 Total Patents & Other Intangible Assets $ 438,505,178 $ (211,422,946) $ 227,082,232 As of December 31, 2022: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 40,653,851 $ (27,820,383) $ 12,833,468 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (138,750,000) 41,250,000 12 years Existing Customer Platforms 43,000,000 (39,775,000) 3,225,000 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,300,000 — 1,300,000 Indefinite Guardian In-Process R&D 6,800,000 — 6,800,000 Indefinite Total Other Intangible Assets $ 397,885,910 $ (178,525,000) $ 219,360,910 Total Patents & Other Intangible Assets $ 438,539,761 $ (206,345,383) $ 232,194,378

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2023
Investments [Abstract]
Schedule of Investment Securities Stated at Fair Value	Assets or liabilities that have recurring fair value measurements are shown below as of March 31, 2023 and December 31, 2022: As of March 31, 2023: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description March 31, 2023 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 215,452,160 $ 215,452,160 $ — $ — Restricted Cash 4,000,000 4,000,000 — — Short-Term Investments: Certificate of Deposit 1,741,295 1,741,295 — — Corporate Bonds 5,495,110 — 5,495,110 — Government Securities 6,155,223 — 6,155,223 — Municipal Bonds 3,963,985 — 3,963,985 — Other 4,474,175 1,007,150 3,467,025 — Long-Term Investments: Asset Backed Securities 18,718,258 — 18,718,258 — Certificate of Deposit 239,107 239,107 — — Corporate Bonds 37,242,499 — 37,242,499 — Government Securities 36,922,649 — 36,922,649 — Municipal Bonds 50,870,849 — 50,870,849 — Common Stock 720,910 720,910 — — Total $ 385,996,220 $ 223,160,622 $ 162,835,598 $ — As of December 31, 2022: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2022 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 214,754,638 $ 214,754,638 $ — $ — Restricted Cash 4,000,000 4,000,000 — — Short-Term Investments: Certificate of Deposit 1,736,163 1,736,163 — — Corporate Bonds 5,473,341 — 5,473,341 — Government Securities 4,423,041 — 4,423,041 — Municipal Bonds 5,174,773 — 5,174,773 — Other 2,347,602 1,093,602 1,254,000 — Long-Term Investments: Asset-backed Securities 18,829,696 — 18,829,696 — Certificate of Deposit 238,925 238,925 — — Corporate Bonds 36,310,477 — 36,310,477 — Governmental Securities 36,532,634 — 36,532,634 — Municipal Bonds 48,430,166 — 48,430,166 Common Stock 293,300 293,300 — — Total $ 378,544,756 $ 222,116,628 $ 156,428,128 $ —
Schedule of Amortized Cost, Unrealized Gains and Losses, And Market Value of Investment Securities	The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of March 31, 2023 and December 31, 2022: As of March 31, 2023: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,750,000 $ 93 $ (8,798) $ 1,741,295 Corporate Bonds 5,542,607 — (47,497) 5,495,110 Government Securities 6,190,793 2,058 (37,628) 6,155,223 Municipal Bonds 3,998,537 — (34,552) 3,963,985 Other 4,474,175 — — 4,474,175 Long-Term Investments: Asset Backed Securities 18,852,424 — (134,166) 18,718,258 Certificate of Deposit 250,000 — (10,893) 239,107 Corporate Bonds 40,819,361 20,678 (3,597,540) 37,242,499 Government Securities 39,525,976 — (2,603,327) 36,922,649 Municipal Bonds 54,635,848 314,881 (4,079,880) 50,870,849 Common Stock 720,911 — — 720,911 Total $ 176,760,632 $ 337,710 $ (10,554,281) $ 166,544,061 As of December 31, 2022: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,750,256 $ — $ (14,093) $ 1,736,163 Corporate Bonds 5,571,417 — (98,076) 5,473,341 Government Securities 4,476,613 — (53,572) 4,423,041 Municipal Bonds 5,223,500 — (48,727) 5,174,773 Other 2,347,602 — — 2,347,602 Long-Term Investments: Asset-backed Securities 19,151,229 — (321,533) 18,829,696 Certificate of Deposit 250,000 — (11,075) 238,925 Corporate Bonds 40,410,206 — (4,099,729) 36,310,477 Government Securities 39,637,461 — (3,104,827) 36,532,634 Municipal Bonds 53,476,883 235,713 (5,282,430) 48,430,166 Common Stock 292,638 662 — 293,300 Total $ 172,587,805 $ 236,375 $ (13,034,062) $ 159,790,118
Schedule of Unrealized Loss on Investments	Unrealized losses on investments as of March 31, 2023, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 321,165 $ 23,213,314 Loss duration of greater than one year 10,233,116 130,046,373 Total $ 10,554,281 $ 153,259,687 Unrealized losses on investments as of December 31, 2022, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 4,816,103 $ 77,701,146 Loss duration of greater than one year 8,217,959 76,643,586 Total $ 13,034,062 $ 154,344,732
Schedule of Investments Classified by Contractual Maturity Date	Due within one year $ 17,355,612 Due between one and five years 93,840,749 Due over five years 50,152,613 $ 161,348,974

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following at the respective balance sheet dates: March 31, 2023 December 31, 2022 Raw materials $ 301,876,129 $ 304,184,004 Work-in-process 44,534,016 45,512,275 Finished goods 55,359,831 54,663,991 Total Inventory $ 401,769,976 $ 404,360,270

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Basic and Diluted	The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three months ended March 31, 2023 and March 31, 2022: Three Months Ended March 31, 2023 2022 Basic Earnings Per Share Net Income $ 97,578,261 $ 87,528,626 Less: Dividends and undistributed earnings allocated to participating securities 1,456,913 1,360,047 Net Income available to common shareholders $ 96,121,348 $ 86,168,579 Basic weighted average shares outstanding 230,605,626 232,151,296 Net Income per share - Basic $ 0.42 $ 0.37 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 96,121,348 $ 86,168,579 Reallocation of undistributed earnings 1,276 2,500 Net Income available to common shareholders - Diluted $ 96,122,624 $ 86,171,079 Number of shares used in basic computation 230,605,626 232,151,296 Additional weighted average dilutive common stock equivalents 290,220 638,515 Diluted weighted average shares outstanding 230,895,846 232,789,811 Net Income per share - Diluted $ 0.42 $ 0.37 Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive 1,810,685 1,572,223

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
Stock-Based Compensation Plans (Tables)	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Shares Issued, Net of Shares from Canceled/Expired Options and Shares	The shares issued are presented net of shares from canceled/expired options and shares. Shares Granted Conversion Rate Total Shares Under 2019 Omnibus Plan Non-Qualified Stock Options 4,521,328 1.00 4,521,328 Restricted Stock 3,609,000 4.06 14,652,540 Performance Shares 861,416 4.06 3,497,349 Total 8,991,744 22,671,217
Schedule of Weighted-Average Assumptions For The Employee Stock Option Plan	The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods: Three Months Ended March 31, 2023 2022 Dividend Yield (1) 1.76 % 1.80 % Expected volatility (2) 29.04 % 28.16 % Risk-free interest rate (3) 3.60 % 2.42 % Expected term of options (years) (4) 4.15 4.15 Weighted-avg. grant date fair value $6.84 $6.38 1. Represents the Company’s estimated cash dividend yield over the expected term of option grant. 2. Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. 3. Represents the U.S. Treasury yield over the expected term of the option grant. 4. Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior.

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	3 Months Ended
Comprehensive Income (Loss) (Tables)	Mar. 31, 2023
Equity [Abstract]
Schedule of AOCI	The following table presents the net changes in the Company's accumulated other comprehensive loss by component (all amounts shown are net of tax): Three Months Ended March 31, 2023 2022 Foreign currency translation adjustments: Balance at beginning of period $ (4,032,239) $ 920,589 Other Comprehensive loss before reclassifications (121,167) (896,420) Net current-period change (121,167) (896,420) Balance at end of period (4,153,406) 24,169 Unrealized (losses) gains on available-for-sale debt securities: Balance at beginning of period (10,110,695) 1,006,655 Other Comprehensive income (loss) before reclassifications 277,718 (6,423,937) Amounts reclassified from accumulated other comprehensive income 1,761,886 265,705 Net current-period change 2,039,604 (6,158,232) Balance at end of period (8,071,091) (5,151,577) Accumulated other comprehensive loss, end of period $ (12,224,497) $ (5,127,408)
Schedule of Reclassifications Out of Other Comprehensive Income	The following table presents details of reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2023 and 2022: Details about Accumulated Other Comprehensive Loss Components Amounts Reclassified from Other Comprehensive Loss Affected Line item in the Consolidated Statements of Income Three Months Ended March 31, 2023 2022 Unrealized (losses) gains on available-for-sale debt securities Realized loss on sale $ (2,230,236) $ (336,335) Investment income Provision for income taxes 468,350 70,630 Provision for income taxes Total net reclassifications for the period $ (1,761,886) $ (265,705)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Automotive and Other Segment Reporting	These three non-automotive segments are combined into the "Other" segment as shown below. Three Months Ended March 31, 2023 2022 Revenue: Automotive Products $ 537,422,988 $ 457,952,554 Other 13,338,323 10,298,222 Total $ 550,761,311 $ 468,250,776 Income (Loss) from operations: Automotive Products $ 111,439,798 $ 103,475,509 Other 1,810,849 (169,604) Total $ 113,250,647 $ 103,305,905

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three month periods ended March 31, 2023 and March 31, 2022: Three Months Ended March 31, Revenue 2023 2022 Automotive Products U.S. $ 170,781,604 $ 142,193,971 Germany 80,579,465 67,565,320 Japan 72,155,984 54,762,488 Mexico 34,287,544 32,135,079 Other 179,618,391 161,295,696 Total Automotive Products $ 537,422,988 $ 457,952,554 Other Products (U.S.) 13,338,323 10,298,222 Total Revenue $ 550,761,311 $ 468,250,776 The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three month periods ended March 31, 2023 and March 31, 2022: Three Months Ended March 31, Revenue 2023 2022 Automotive Segment Automotive Mirrors & Electronics $ 505,731,576 $ 423,626,489 HomeLink Modules* 31,691,412 34,326,065 Total Automotive Products $ 537,422,988 $ 457,952,554 Other Segment Fire Protection Products 9,301,153 8,447,686 Aerospace Products 4,037,170 1,850,536 Total Other $ 13,338,323 $ 10,298,222 *Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2023
Leases [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum lease payments for operating leases as of March 31, 2023 were as follows: Year ending December 31, 2023 (excluding the three months ended March 31, 2023) $ 1,291,999 2024 863,358 2025 492,746 2026 84,795 2027 978 Thereafter — Total future minimum lease payments 2,733,876 Less imputed interest (87,129) Total $ 2,646,747
Schedule of Lease Liabilities	Reported as of March 31, 2023 Accrued Liabilities $ 1,572,606 Other Non-Current Liabilities 1,074,141 Total $ 2,646,747

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2022	[1]	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 313,686,026						$ 313,807,494
Acquisitions	0
Amortization of intangible assets	5,300,000	$ 5,500,000
Patents and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization expense, remainder of fiscal year	20,000,000
Amortization expense, year one	16,000,000
Amortization expense, year two	12,000,000
Amortization expense, year three	5,000,000
Amortization expense, year four	$ 5,000,000
HomeLink®
Finite-Lived Intangible Assets [Line Items]
Goodwill									$ 307,400,000
Vaporsens In-Process R&D
Finite-Lived Intangible Assets [Line Items]
Acquisitions						$ 3,700,000
Air-Craftglass In-Process R&D
Finite-Lived Intangible Assets [Line Items]
Acquisitions					$ 200,000
Argil In-Process R&D
Finite-Lived Intangible Assets [Line Items]
Acquisitions				$ 1,000,000
Guardian Optical Technologies
Finite-Lived Intangible Assets [Line Items]
Acquisitions			$ 2,000,000

[1]The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2022	$ 313,807,494	[1]
Acquisitions	0
Divestitures	0
Impairments	0
Other	(121,468)
Balance as of March 31, 2023	$ 313,686,026

[1]The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 214,535,910	$ 219,360,910	[1]
Gentex Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	40,619,268	40,653,851
Finite-lived intangible assets, accumulated amortization	(28,072,946)	(27,820,383)
Finite-lived intangible assets, net	12,546,322	12,833,468
HomeLink® Technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	180,000,000	180,000,000
Finite-lived intangible assets, accumulated amortization	(142,500,000)	(138,750,000)
Finite-lived intangible assets, net	$ 37,500,000	$ 41,250,000
Finite-lived intangible asset, useful life	12 years	12 years
Existing Customer Platforms
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 43,000,000	$ 43,000,000
Finite-lived intangible assets, accumulated amortization	(40,850,000)	(39,775,000)
Finite-lived intangible assets, net	$ 2,150,000	$ 3,225,000
Finite-lived intangible asset, useful life	10 years	10 years
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (183,350,000)	$ (178,525,000)
Intangible assets, gross	397,885,910	397,885,910
Intangible assets, net	214,535,910	219,360,910
Patents and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Total Patents & Other Intangible Assets, Gross	438,505,178	438,539,761
Total Patents & Other Intangible Assets, Accumulated Amortization	(211,422,946)	(206,345,383)
Total Patents & Other Intangible Assets, Net	227,082,232	232,194,378
HomeLink® Trade Names and Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	52,000,000	52,000,000
HomeLink® Trade Names and Trademarks \| Guardian Optical Technologies
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,300,000	1,300,000
Exclusive Licensing Agreement
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	96,000,000	96,000,000
In Process Research and Development \| Vaporsens In-Process R&D
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	11,000,000	11,000,000
In Process Research and Development \| Argil In-Process R&D
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	6,278,132	6,278,132
In Process Research and Development \| Air-Craftglass In-Process R&D
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,507,778	1,507,778
In Process Research and Development \| Guardian Optical Technologies
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 6,800,000	$ 6,800,000

[1]The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($)	Mar. 31, 2023	Mar. 09, 2023	Dec. 31, 2022		Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		$ 21,500,000
Short-term investments	$ 25,635,492		$ 23,007,385	[1]
Long-term investments	229,398,824		202,331,983	[1]
Adasky, LTD
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage		15%
Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, FV-NI	86,900,000		69,500,000
Long-term investments					$ 84,700,000	$ 65,700,000
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 2,200,000		$ 3,800,000
Minimum \| Gentex Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	20%
Maximum \| Gentex Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	50%

[1]The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Investments (Schedule of Assets

Investments (Schedule of Assets or Liabilities, Recurring Fair Value Measurements) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	$ 215,452,160	$ 214,754,638
Restricted Cash	4,000,000	4,000,000
Market Value	166,544,061	159,790,118
Total	385,996,220	378,544,756
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	215,452,160	214,754,638
Restricted Cash	4,000,000	4,000,000
Total	223,160,622	222,116,628
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Restricted Cash	0	0
Total	162,835,598	156,428,128
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Restricted Cash	0	0
Total	0	0
Short-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,741,295	1,736,163
Short-Term Investments \| Certificate of Deposit \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,741,295	1,736,163
Short-Term Investments \| Certificate of Deposit \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-Term Investments \| Certificate of Deposit \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	5,495,110	5,473,341
Short-Term Investments \| Corporate Bonds \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-Term Investments \| Corporate Bonds \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	5,495,110	5,473,341
Short-Term Investments \| Corporate Bonds \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	6,155,223	4,423,041
Short-Term Investments \| Government Securities \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-Term Investments \| Government Securities \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	6,155,223	4,423,041
Short-Term Investments \| Government Securities \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	3,963,985	5,174,773
Short-Term Investments \| Municipal Bonds \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-Term Investments \| Municipal Bonds \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	3,963,985	5,174,773
Short-Term Investments \| Municipal Bonds \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-Term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	4,474,175	2,347,602
Short-Term Investments \| Other \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,007,150	1,093,602
Short-Term Investments \| Other \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	3,467,025	1,254,000
Short-Term Investments \| Other \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Asset Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	18,718,258	18,829,696
Long-Term Investments \| Asset Backed Securities \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Asset Backed Securities \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	18,718,258	18,829,696
Long-Term Investments \| Asset Backed Securities \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	239,107	238,925
Long-Term Investments \| Certificate of Deposit \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	239,107	238,925
Long-Term Investments \| Certificate of Deposit \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Certificate of Deposit \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	37,242,499	36,310,477
Long-Term Investments \| Corporate Bonds \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Corporate Bonds \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	37,242,499	36,310,477
Long-Term Investments \| Corporate Bonds \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	36,922,649	36,532,634
Long-Term Investments \| Government Securities \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Government Securities \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	36,922,649	36,532,634
Long-Term Investments \| Government Securities \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	50,870,849	48,430,166
Long-Term Investments \| Municipal Bonds \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Municipal Bonds \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	50,870,849	48,430,166
Long-Term Investments \| Municipal Bonds \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0
Long-Term Investments \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	720,910	293,300
Long-Term Investments \| Common Stock \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	720,910	293,300
Long-Term Investments \| Common Stock \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments \| Common Stock \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	$ 0	$ 0

Investments (Schedule of Amorti

Investments (Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 176,760,632	$ 172,587,805
Unrealized Gains	337,710	236,375
Unrealized Losses	(10,554,281)	(13,034,062)
Market Value	166,544,061	159,790,118
Short-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	1,750,000	1,750,256
Unrealized Gains	93	0
Unrealized Losses	(8,798)	(14,093)
Market Value	1,741,295	1,736,163
Short-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	5,542,607	5,571,417
Unrealized Gains	0	0
Unrealized Losses	(47,497)	(98,076)
Market Value	5,495,110	5,473,341
Short-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	6,190,793	4,476,613
Unrealized Gains	2,058	0
Unrealized Losses	(37,628)	(53,572)
Market Value	6,155,223
Short-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	3,998,537	5,223,500
Unrealized Gains	0	0
Unrealized Losses	(34,552)	(48,727)
Market Value	3,963,985
Short-Term Investments \| Other
Debt Securities, Available-for-sale [Line Items]
Cost	4,474,175	2,347,602
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	4,474,175	2,347,602
Long-Term Investments \| Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Cost	18,852,424	19,151,229
Unrealized Gains	0	0
Unrealized Losses	(134,166)	(321,533)
Market Value	18,718,258	18,829,696
Long-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	250,000	250,000
Unrealized Gains	0	0
Unrealized Losses	(10,893)	(11,075)
Market Value	239,107	238,925
Long-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	40,819,361	40,410,206
Unrealized Gains	20,678	0
Unrealized Losses	(3,597,540)	(4,099,729)
Market Value	37,242,499	36,310,477
Long-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	39,525,976	39,637,461
Unrealized Gains	0	0
Unrealized Losses	(2,603,327)	(3,104,827)
Market Value	36,922,649	36,532,634
Long-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	54,635,848	53,476,883
Unrealized Gains	314,881	235,713
Unrealized Losses	(4,079,880)	(5,282,430)
Market Value	50,870,849	48,430,166
Long-Term Investments \| Common Stock
Debt Securities, Available-for-sale [Line Items]
Cost	720,911	292,638
Unrealized Gains	0	662
Unrealized Losses	0	0
Market Value	$ 720,911	$ 293,300

Investments (Schedule of Unreal

Investments (Schedule of Unrealized Loss on Investments) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Investments [Abstract]
Aggregate Unrealized Losses, Loss duration less than one year	$ 321,165	$ 4,816,103
Aggregate Unrealized Losses, Loss duration greater than one year	10,233,116	8,217,959
Aggregate Unrealized Losses, Total	10,554,281	13,034,062
Aggregate Fair Value of Investments, Loss duration less than one year	23,213,314	77,701,146
Aggregate Fair Value of Investments, Loss duration greater than one year	130,046,373	76,643,586
Aggregate Fair Value of Investments, Total	$ 153,259,687	$ 154,344,732

Investments (Investments Classi

Investments (Investments Classified by Contractual Maturity Date) (Details) - Fixed Income Securities	Mar. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 17,355,612
Due between one and five years	93,840,749
Due over five years	50,152,613
Total	$ 161,348,974

Inventories (Details)

Inventories (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 301,876,129	$ 304,184,004
Work-in-process	44,534,016	45,512,275
Finished goods	55,359,831	54,663,991
Total Inventory	$ 401,769,976	$ 404,360,270	[1]

[1]The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)		3 Months Ended
Earnings Per Share (Details) - USD ($)		Mar. 31, 2023	Mar. 31, 2022
Basic Earnings Per Share
Net income		$ 97,578,261	$ 87,528,626
Less: Dividends and undistributed earnings allocated to participating securities		1,456,913	1,360,047
Net Income available to common shareholders		$ 96,121,348	$ 86,168,579
Basic weighted average shares outstanding(in share)		230,605,626	232,151,296
Net income per share - Basic (in dollars per share)	[1]	$ 0.42	$ 0.37
Diluted Earnings Per Share
Allocation of Net Income used in basic computation		$ 96,121,348	$ 86,168,579
Reallocation of undistributed earnings		1,276	2,500
Net Income available to common shareholders - Diluted		$ 96,122,624	$ 86,171,079
Number of shares used in basic computation(in share)		230,605,626	232,151,296
Additional weighted average dilutive common stock equivalents (in shares)		290,220	638,515
Diluted weighted average shares outstanding (in share)		230,895,846	232,789,811
Net Income per share - Diluted (in dollars per share)	[1]	$ 0.42	$ 0.37
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive(in share)		1,810,685	1,572,223

[1] (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Narrative) (Details)		1 Months Ended	3 Months Ended
Stock-Based Compensation Plans (Narrative) (Details)	Jun. 30, 2022 shares	May 31, 2022 shares	Mar. 31, 2023 USD ($) plan shares	Mar. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 8,519,535	$ 6,788,337
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan(in share)			1,624,122
Number of shares authorized(in share)	2,000,000
ESPP discount rate	85%
ESPP discount rate recognized as compensation expense	15%
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)			8,991,744
Shares issued under the omnibus plan(in share)			22,671,217
Number of shares authorized(in share)			45,000,000
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 8,754,103
Employee Stock Option Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period			1 year
Option expiration period			5 years
Employee Stock Option Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period			5 years
Option expiration period			10 years
Restricted Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 45,419,558
Restricted period, maximum			10 years
Amortization expense \| $			$ 5,946,054	$ 5,290,805
Gentex Corporation Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan(in share)			156,103
Number of shares authorized(in share)		2,000,000
ESPP discount rate		85%
ESPP discount rate recognized as compensation expense		15%
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan			2
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 19,418,307
Performance Shares \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan(in share)			3,497,349

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans (Shares Issued Net of Shares Canceled/Expired) (Details) - Omnibus Incentive Plan	3 Months Ended
	Mar. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)	8,991,744
Shares issued under the omnibus plan(in share)	22,671,217
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Shares, granted (in shares)	4,521,328
Conversion rate, options	100%
Shares issued under the omnibus plan(in share)	4,521,328
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	3,609,000
Conversion rate, shares	406%
Shares issued under the omnibus plan(in share)	14,652,540
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	861,416
Conversion rate, shares	406%
Shares issued under the omnibus plan(in share)	3,497,349

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans (Weighted-Average Assumptions for the ESOP) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.76%	1.80%
Expected volatility	29.04%	28.16%
Risk-free interest rate	3.60%	2.42%
Expected term of options (years)	4 years 1 month 24 days	4 years 1 month 24 days
Weighted average grant-date fair value (in dollars per share)	$ 6.84	$ 6.38

Comprehensive Income (Loss) (AO

Comprehensive Income (Loss) (AOCI Rollforward) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 2,065,792,821	[1]	$ 1,937,988,467
Net current-period change	1,918,437		(7,054,652)
Balance at end of period	2,123,255,646		1,928,968,900
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(14,142,934)		1,927,244
Net current-period change	1,918,437		(7,054,652)
Balance at end of period	(12,224,497)		(5,127,408)
Foreign currency translation adjustments:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(4,032,239)		920,589
Other Comprehensive loss before reclassifications	(121,167)		(896,420)
Net current-period change	(121,167)		(896,420)
Balance at end of period	(4,153,406)		24,169
Unrealized (losses) gains on available-for-sale debt securities:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(10,110,695)		1,006,655
Other Comprehensive loss before reclassifications	277,718		(6,423,937)
Amounts reclassified from accumulated other comprehensive income	1,761,886		265,705
Net current-period change	2,039,604		(6,158,232)
Balance at end of period	$ (8,071,091)		$ (5,151,577)

[1]The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Comprehensive Income (Loss) (Re

Comprehensive Income (Loss) (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	$ (18,416,841)	$ (15,766,785)
Unrealized (losses) gains on available-for-sale debt securities:
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Total net reclassifications for the period	(1,761,886)	(265,705)
Amounts Reclassified from Other Comprehensive Loss \| Unrealized (losses) gains on available-for-sale debt securities:
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized loss on sale of securities	(2,230,236)	(336,335)
Provision for income taxes	468,350	70,630
Total net reclassifications for the period	$ (1,761,886)	$ (265,705)

Debt and Financing Arrangemen_2

Debt and Financing Arrangements (Details) - USD ($)	Feb. 21, 2023	Mar. 31, 2023
Revolving Facility
Debt Instrument [Line Items]
Debt instrument, term	3 years
Principal amount	$ 250,000,000
Additional borrowings available	150,000,000
Long-term debt		$ 0
Letter of Credit
Debt Instrument [Line Items]
Additional borrowings available	20,000,000
Swing Loans
Debt Instrument [Line Items]
Additional borrowings available	$ 35,000,000

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Stock repurchased (in shares)		1
Common stock issued under stock compensation plan (in shares)		0.6
Net decrease in period (in shares)		0.4
Dividends declared (in dollars per share)		$ 0.12	$ 0.12
Dividends	$ 28

Segment Reporting (Details)

Segment Reporting (Details) - USD ($)	3 Months Ended
Segment Reporting (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 550,761,311	$ 468,250,776
Income (loss) from operations	113,250,647	103,305,905
Automotive Products
Segment Reporting Information [Line Items]
Revenue	537,422,988	457,952,554
Income (loss) from operations	111,439,798	103,475,509
Other
Segment Reporting Information [Line Items]
Revenue	13,338,323	10,298,222
Income (loss) from operations	$ 1,810,849	$ (169,604)

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	15.90%	15.30%

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended
Revenue (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 550,761,311	$ 468,250,776
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	537,422,988	457,952,554
Other Segment
Disaggregation of Revenue [Line Items]
Revenue	13,338,323	10,298,222
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	537,422,988	457,952,554
Automotive Mirrors & Electronics \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	505,731,576	423,626,489
HomeLink Modules \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	31,691,412	34,326,065
Fire Protection Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue	9,301,153	8,447,686
Aerospace Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue	4,037,170	1,850,536
U.S. \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	170,781,604	142,193,971
U.S. \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue	13,338,323	10,298,222
Germany \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	80,579,465	67,565,320
Japan \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	72,155,984	54,762,488
Mexico \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	34,287,544	32,135,079
Other \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	$ 179,618,391	$ 161,295,696

Leases (Details)

Leases (Details)	Mar. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	2 years
Weighted average discount rate	5.80%
2023 (excluding the three months ended March 31, 2023)	$ 1,291,999
2024	863,358
2025	492,746
2026	84,795
2027	978
Thereafter	0
Total future minimum lease payments	2,733,876
Less imputed interest	(87,129)
Total	2,646,747
Accrued Liabilities	1,572,606
Other Non-Current Liabilities	$ 1,074,141
Operating lease, liability, current, statement of financial position	Accrued liabilities
Operating lease, liability, noncurrent, statement of financial position	OTHER NON-CURRENT LIABILITIES
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	5 years